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An adviser bails out of 12 months in prison and fines totaling $ 188 000 $

The advisor Jerry Spénard has been sentenced to 12 months in jail and fines totaling $ 188 000 $ after pleading guilty to 27 counts of the indictment. The judgment was rendered by the justice of the peace magistrate, Marie-Josée Hénault of the Court of Quebec, district of Longueuil, quebec, April 25, 2016.

Mr. Spénard has contravened the securities Act and, in particular, to have assisted in the placement without a prospectus (22 heads), to have illegally practised the activity as a securities dealer (4 heads) and to have passed on false or misleading information about a transaction on securities.

Loans for a monthly yield of 2 %

In 2012, thefinancial markets Authority has filed a lawsuit against Mr. Spénard and its chief financial officer Isabelle Comeau. The Authority explained that Mr. Spénard has recruited investors to provide loans in return for a monthly yield of 2 %. It was then, these are companies or individuals with difficulties to obtain financing at a higher rate than that granted to the original investors. The respondent would be appropriate for a portion of the funds collected from investors.

In all, nine investors have invested a total amount of 740 000 $ and only three of them would have been partially reimbursed. Ms. Comeau has been punished with fines of $ 25,000 after pleading guilty to five of the six charges against her, after the Authority withdrew an.

Fines of $ 52,000 for a firm and its leader

Last February 9, the Court of Québec, district of Québec, has imposed fines totalling $ 52,000 to Robert Benvie and to the company operating under the name of Financing from B2B in connection with breaches of the securities Act.

The Authority has filed a lawsuit in 2014 against Mr. Benvie and Financing B2B. Mr. Benvie was facing three charges, including one for illegal exercise of activity of securities dealer, a head of investment without a prospectus, and a leader for stating that the securities of the Corporation Évolutra would be admitted to the dimension. The judge Nathalie DuPerron-Roy has imposed fines totalling 28 000 $.

Financing B2B has been ordered to pay fines totalling $ 24,000 for having illegally practised the activity as a securities dealer (a chief) and to have made investments without a prospectus (a chief). Prior to trial, 31-count indictment initially intended Financing B2B have been removed.